Islamic banking deceptive and not interest-free
From The Daily Times, Pakistan
* MCC president says Islamic banking an attempt to deprive Canadian Muslims of benefits
WASHINGTON: Another controversy involving what is being billed as an “Islamic” practice has sprung up in Canada with the progressive Muslim Canadian Congress opposing the so-called shari’a-ordained banking that the Canadian Mortgage and Housing Corporation wishes to have studied with a $100,000 grant.
In a letter to the Mortgage And Housing Corporation, the president of the Muslim Canadian Congress (MCC) Farzana Hassan writes, “Islamic Banking is nothing more than an attempt by Islamists, with backing from Middle Eastern financial institutions and their Western partners, to scare Muslim Canadians into believing that they should pay more to the banks and demand less in return as an act of religiosity. Sharia Banking is an obscene attempt to fleece an already marginalised Muslim community while promising them the exact opposite. On the one hand, Imams are warning Muslims of hell fire if they deal with the existing banking systems, and on the other, the same clerics are being paid by banks to herd Muslims towards a system that is based on lies and deception. What we need is a better deal from the banks for all Canadians, rather than dividing us up into religious groups and pacing obstacles in the way of better integration of all Canadians. Our banking system has developed in Canada over the last 200 years, and there is no need to adapt it to the failed economies and medieval systems modelled on Saudi Arabia and Iran.”
Hassan regrets that some Canadian banks are succumbing to the lure of easy money that comes from supposed interest-free banking where customers receive zero interest on their deposits while paying more to the banks.
“While the banks and their paid imams and sheiks will make handsome returns, Muslim Canadians will end up as losers, with promises of rewards in the afterlife. Religion has no place in the banking or mortgage industry and banks should desist from employing imams or sheikhs who sanctify so called Islamic bank products and mortgages. We are not living in the middle ages to get our financial cues from clerics claiming guidance from the divine.” She quotes from a book by Muhammad Saleem, a former chief of the Park Avenue Bank in New York, who wrote, “Islamic banks do not practise what they preach: they all charge interest, but disguised in Islamic garb. Thus they engage in deceptive and dishonest banking practises.” Another study by two New Zeland professors concluded that the effort to introduce sharia banking “has promoted the spread of anti-modern currents of thought all across the Islamic world. It has also fostered an environment conducive to Islamist militancy.” According to them, “Our study, however, provides new evidence, which shows that, in practice, Islamic deposits are not interest-free.” They concluded that the rapid growth in Islamic banking was “largely driven by the Islamic resurgence worldwide.” khalid hasan
is a dead give away that she's up to no good.
This is not an endorsement or confirmation that so-called Islamic banking is indeed Islamic - just an observation that this lady has an agenda, therefore her criticism must be taken with a big grain of salt.
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"Money" has no value - people do.
hmm ... the lady may or may not have an agenda. But it would in any case be interesting to survey the Islamic banking products that are available, to see whether "they all charge interest, but disguised in Islamic garb". Possibly they charge "fees" which are for all practical purposes indistinguishable from interest. It would also be interesting to see if the consumer is really getting a better deal than through regular banks.
I have read a few of this feminist female's articles in Canadian newspapers.
And I saw "islamists".
And she is extremely negative towards Islam, a typical cheerleader in the zionist section - in that she harps on on the same rhetoric and rote....
And...what the hell does she mean by the Middle Ages?
I don't trust her.
..because the comments are much better!
..how a zoopremite will always point every finger, toe, forked-tongue, and tail at anyone but themselves!! Total hypocrite khutsfah kake-holes; it's called:iNiQUiTY.
..all you have to do is check out the fruits;
if they smells like rotten shait_preciousss..
I don't really see a huge difference between the ruling elites, only power-order-levels of iniquity.
..I'm sure the islamic banking isn't at the world-takeover stage, but look how much disparity between rich and poor, that we see EVERYWHERE. It's not like the Sunni 'kings' aren't MASONS!!! I think that they may already be part of greater_babel.
Kula.kundalini writes, “Possibly they charge ‘fees,’ which are for all practical purposes indistinguishable from interest.”
Islamic banks do indeed charge fees, but they cannot be compared to the endless evil of compound interest.
In any case, the western thrust toward total deregulation has produced the disasters we see now. Almost any alternative would be preferable.
The writer says, “What we need is a better deal from the banks for all Canadians, rather than dividing us up into religious groups and placing obstacles in the way of better integration of all Canadians.”
Great. How does the writer propose to achieve banking reform and a "better deal"? The only answer offered is that Islamic banking is bad, wrong, and ugly.
“Some Canadian banks are succumbing to the lure of easy money that comes from supposed interest-free banking where customers receive zero interest on their deposits while paying more to the banks.”
In the current system, the interest paid on deposits is negligible compared to the interest that customers pay to banks.
“Another study by two New Zealand professors concluded that, in practice, Islamic deposits are not interest-free.”
Wow. Gee. That’s news. Not. The writer has apparently read very little about Islamic banking. I don’t know of any Islamic bank that claims to offer “interest-free” banking. I personally favor a total ban on all interest in any form, but there are ways to charge interest that are not haram. Interest becomes strictly haram when it serves the moneylender while defrauding the borrower. Interest is destructive when it encourages greed, envy, and the general destruction of community.
There’s much more I could write, but I'll save the effort. The writer is a shill for the present Jewish-style of banking.
You are right, the islamic banking system is much better than our current babylon-system =/ gone wild. so many people are on the mafia payroll, it's like black is white 'n all that shait. saying it's less evil than that isn't saying much, but i'm sure it presents alot of harAm-less options.
the one in spanish was funny,a chuparrrr..lol